LONDON, March 18: Oil prices advanced on Tuesday, in line with rebounding world equity markets, but remained some way off the record high of nearly $112 that was hit the previous day.

New York’s main oil contract, light sweet crude for delivery in April, rose $2.04 to $107.72 per barrel, after hitting a record peak of $111.80 on Monday. Brent North Sea crude for May was up $2.45 to $104.20. It struck an all-time peak of 107.97 on Monday.

“Some confidence seems to have been restored with global equity markets higher,” wrote analysts at energy consultancy John Hall Associates on Tuesday.

After reaching historic heights on Monday, oil prices had dived lower, plunging by $4.53 in New York, as traders worried that fallout from rising financial market turmoil would curb global energy demand.—AFP